Fluor sells $605 million of NuScale shares to fund buybacks

Fluor Corporation (NYSE: FLR) completed the sale of 15 million shares of NuScale Power Corporation (NYSE: SMR) Class A common stock, generating net proceeds of $605 million, according to a company statement.

The shares were converted in August and sold as part of Fluor's divestiture of its NuScale holdings. The company plans to use existing tax attributes to minimize cash taxes from the transaction.

Fluor intends to allocate the majority of proceeds toward enhancing its share repurchase program. The company retains 111 million NuScale LLC Class B units and associated Class B shares, representing approximately 39% of NuScale's equity.

The engineering and construction firm expects cash and equivalents to reach approximately $2.7 billion at the end of the third quarter, including $364 million from NuScale sales completed before quarter-end.

NuScale shares have gained more than 300% since Fluor took the nuclear power technology company public at $10 per share in May 2022. Fluor continues to explore methods for shareholders to benefit more directly from its remaining NuScale investment.

The company plans to release complete third-quarter operational results and additional share repurchase details on November 7. Fluor, headquartered in Irving, Texas, reported $16.3 billion in revenue for 2024 and employs nearly 27,000 people globally.

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